Security Bank posts record P11.2B net income in 2024

Security Bank Corporation achieved a record-high net income of P11.2 billion in 2024, a 23% increase from the previous year.

This was driven by an all-time high revenue of P54.9 billion, up 28%, with net interest income rising 26% to P43.7 billion and non-interest income up 36% to P11.2 billion.

Operating expenses increased by 27% due to investments in manpower and technology for transformation efforts, resulting in a 30% growth in pre-provision operating profit to P21.9 billion.

The bank set aside P6.6 billion for credit and impairment losses, an increase from P4.8 billion in 2023.

Net loans grew by 26% to P678 billion, with retail and MSME loans showing a 37% increase.

The gross non-performing loan ratio improved to 2.85% from 3.37% in the prior year.

Security Bank expanded its network by opening 21 new branches, reaching a total of 346 branches by December 31, 2024.

For the fourth quarter of 2024, net income increased by 81% to P2.8 billion, with revenues up 27% to P14.9 billion.